Marketing salaries set to rise according to Hays Salary Guide

By AdNews | 2 June 2023
 
Joshua Hoehne via Unsplash.

93% of employers plan to increase marketing salaries in their next review, according to recruitment and workforce solutions specialists Hays.   

The FY23-24 Hays Salary Guide, based on a survey of over 14,000 employers and professionals, found 62% of employers plan to increase salaries above 3%.   

According to Hays, there are four key factors motivating employers to increase salaries in their next review: competition amid a growing skills gap crisis, the ripple effect of falling real wages, the impact of pay transparency and the findings that 55% of professionals plan to ask for a pay rise.

The research found that many employers have offered higher salaries than planned to attract marketing professionals in response to the skills shortage – 26% ‘substantially higher’ and 42% ‘nominally higher’. 

Kian Myers, business director of Hays, said 2023 is 'the year of the raise', where the promise of higher salaries reflects the intensity of the skills shortage in today’s jobs market.

“This year, both the number and value of increases will rise, continuing the upwards trajectory we first noted in last year’s Hays Salary Guide," said Myers.

“Despite the increased salary boost, employer and employee expectations in marketing still fail to align. Many marketing professionals feel undervalued and underpaid. They feel their current salary doesn’t reflect their individual performance.” 

Other key findings of the Hays Salary Guide included employers intending to increase their permanent (40%) and temporary or contract (27%) marketing headcount in the next 12 months.  

Just 42% of marketing professionals unquestionably intend to remain with their current employer beyond FY23/24, with another 34% unsure whether they will remain. Of those intending to or considering changing jobs, an uncompetitive salary is the top reason, followed by a lack of promotional opportunities and the rising cost of living. 

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